Pork Meat Market

Market Overview

The pork meat market was valued at USD 256.34 billion in 2022. It is estimated to reach USD 349.37 billion by 2031, growing at a CAGR of 3.5% during the forecast period (2023 -2031). 

Pig meat usually referred to as pig, is a red meat that has become an everyday staple diet worldwide. In addition to looking delicious, it boasts a balanced nutritional profile. Additionally, it serves a good amount of protein and is frequently chosen as food by those looking to put on weight.

Due to changes in global food consumption patterns, the market for pork meat is expected to rise significantly during the next few years. Additionally, it is convenient for customers to buy packaged hog meat due to the growth of the retail industry and the simple accessibility of the product through multiple sales channels. This fuels sales growth and opens the market to expand.

Market Dynamics

Market Drivers

Expanding Retail Market

The retail industry involves companies and individuals selling finished products and goods to end users. A low unemployment rate and stable electricity prices in the US and the rest of the world have led to the development of the retail market. Wide varieties of beverages are vended through various retail channels such as hypermarkets, supermarkets, convenience stores, discounters, forecourt retailers, and grocery stores. Among the general populous, internet retailing and convenience stores are the most preferred retail formats through which consumers procure pork meat. These stores act as the essential marketing tool, which assists in building an impressive premium image and increasing brand exposure to a wide variety of food and beverages. Hence, the retail market expansion is a significant factor contributing to the growth of the global market.

Expansion of the F&B Industry

The global food & beverage industry has witnessed robust growth in the last few years driven by innovation in the food system, improved logistics, affordability, development of global trade, and consumer spending. Furthermore, the food & beverage industry has been evolving continuously according to consumer requirements. In addition, the demand for convenience and packaged food has increased multifold, owing to consumer preference toward ready-to-eat and cost-effective food. Furthermore, the expansion of the food processing industry is expected to boost the demand for fast food, which, in turn, is likely to impact the demand for pork meat worldwide positively. Thus, all these factors collectively drive the growth of the global market.

Market Restraint

Rise in Acts of Animal Cruelty in Animal Farms and Slaughterhouses

The concern about the harsh treatment of farm animals has been increasing at an alarming rate due to the overwhelming demand for meat worldwide. According to the United Nations, the number of industrial livestock animals such as pigs, calves, and chickens sent to slaughter yearly is equivalent to eight times the human population on earth. This inhumane treatment of animals has sparked outrage worldwide and led to the rise of institutions that oppose the meat industry. Some prominent organizations such as People for Ethical Treatment of Animals (PETA) and Animal Equality encourage people to reduce meat consumption and seek alternative solutions to diet. Furthermore, graphic videos and photographs are often posted on the website of these organizations, which concerts the claims of unethical treatment of animals in farms and slaughterhouses, making consumers weary of the meat industry.

Thus, all these factors are anticipated to negatively impact the sale of meat products, which, in turn, is likely to restrain the growth of the pork meat industry.

Market Opportunities

The Rise in Popularity of Organic Meat

Organic food became popular in the early 2000s as consumers realized the connection between diet, health, and the environment. Owing to an increase in awareness about the ill effects of processed food, the demand from consumers for organic food & beverages increased. . Upsurge in demand for high protein lean meat and the increase in popularity of organic food in the meat industry are anticipated to offer the remunerative opportunity for the expansion of the global market during the forecast period.

Regional Analysis

Region-wise, the global pork meat market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Asia-Pacific was the highest revenue contributor and is estimated to grow at a CAGR of 4.7% during the forecast period. The strong economic growth of Asia-Pacific has influenced people's lifestyles and consumption patterns. People in this region have started consuming more packaged food and meat-based products, which has considerably augmented the growth of the pork meat market over the years. The meat market is anticipated to rise due to the considerable advancements in the food industry that have taken place in Asia-Pacific. Furthermore, pork meat is a staple food item in many Asia-Pacific countries, such as China, Indonesia, Vietnam, and South Korea, contributing to the growth of the market.

Europe is the second largest region. It is anticipated to reach an expected value of USD 45 billion by 2031, registering a CAGR of 4.3%. From a global perspective, Europe is considered the mature market for pork meat. Moreover, increased demand for meat products in European countries is anticipated to create lucrative opportunities for pork meat providers. In addition, an increase in the consumption of organic meat across the region propels the market's growth. Leading players are now venturing into this segment to cater to the growing demands of health-conscious consumers, thereby driving market growth.

North America is the third largest region. North America is a mature market for meat products. Early adoption of advanced packaging technology in the food & beverage industries is the key driving factor of the North American pig meat market. Moreover, an increase in the number of food processing industries accelerates the market growth in this region. Furthermore, the surge in the number of food service outlets has increased the demand for pork meat and hence has contributed to the high sale of meat in the region.

Segmental Analysis

The global pork meat market is bifurcated by type, packaging, application, and region.

By type, the global pork meat market is segregated into chilled and frozen. The frozen segment dominated the market and is estimated to grow at a CAGR of 4.1% during the forecast period. Due to the sharp rise in meat, poultry, and seafood consumption, the frozen market is expanding significantly. Pork, poultry, and beef are just a few of the many types of meat products that Brazil exports in significant quantities. Moreover, fast food chains, caterers, restaurants, and other food service industry players extensively use frozen meat and seafood in their fast food and meal preparations. Leading quick-service restaurants such as Macdonald's and Burger Chain are bulk buyers of frozen meat and poultry food products. Import and export of semi-cooked and frozen meat products are increasing, as they are easier to carry and store. Frozen pork meat and poultry products are the primary ingredients in the food service industry. An increase in several quick service restaurants and hotel chains in developing economies is a critical factor that notably contributes toward the growth of the global market. Many local companies provide frozen meat for consumers and the food service industry. As a result, the volume of sales has been high, contributing to this segment's growth.

The chilled segment is the second largest. Chilling has been the traditional preservation method. In this preservation method, tenderness occurs rapidly during the first days of storage, after which the change is gradual and relatively small. Extended storage periods at chilled temperatures may favor some meats to increase in tenderness but may cause undesirable flavor development and microbial growth. Consumers often favor chilled meat as it is marketed as fresh meat. Consumers prefer chilled meat majorly due to it being marketed as fresh meat. Compared to frozen meat, chilled meat has less shelf life, which has shifted the preference of meat buyers toward frozen meat.

Depending on packaging, the global pork meat market is classified into store wrap, modified atmosphere packaging, vacuum packaging, shrink bags, and others. The shrink bags segment was the highest contributor to the market and is estimated to grow at a CAGR of 4.2% during the forecast period. Shrink bags are a convenient form of packaging, as they can transport large chunks of meat, often preferred in the food service and hospitality sector. Shrink bags are primarily used in the food service industry as the demand for meat products has dramatically increased. Food service establishments are offering more meat products to their customers. As a result, the sale of various forms of meat has increased. Since most meat provided to the food service industry is packed in shrink bags, this segment has experienced increased profitability over the years. Additionally, there are more restaurants worldwide, which has increased the need for shrink-wrapped pork products.

The store wrap segment is the second largest. Most of the meat available for consumers in retail establishments has store wrap packaging. The growth of this segment in the pork meat market can be attributed to the benefits such as cost-effectiveness and easy applicability in various types of meat. This form of packaging is common in retail formats such as supermarkets and hypermarkets, as they help keep the meat fresh for extended periods.

The vacuum packaging segment is the third largest. Vacuum packaging protects the color, flavor, and overall quality of processed meat from oxygen. It includes the removal of air from the immediate environment of the product and sealing the product within its package before allowing the product to be re-exposed to the atmosphere. The simplest industrial machine available for this purpose is the vacuum chamber machine. It is designed to work with preformed bags or pouches where the product is inserted into the bag or pouch before placing into a clamshell chamber. Vacuum packaging offers superior protection to prevent meat products from getting moldy. This is the primary reason behind the popularity of vacuum packaging. Though this form of packaging enhances the product's shelf life, the downside is that it is costlier than other forms of packaging.

By application, the global pork meat market is fragmented into household and commercial. The commercial segment was the highest contributor to the market and is estimated to grow at a CAGR of 4.2% during the forecast period. The increase in the number of people working and the tendency to eat out can be directly attributed to the expansion in the commercial application of pork. Contrarily, the coronavirus outbreak has decreased the demand for pork in commercial facilities, which has had a negative impact on the sale of swine meat to such establishments.

The household segment is the second largest. The household consumption of pork is considerably high in Asia-Pacific, owing to various health benefits and luscious taste boost the consumption of pork meat among Asia-Pacific and the rest of the world. Moreover, the demand for pork meat at home has increased as people stay more at home, attributable to the lockdown implemented all across the globe.

Recent Developments

• November 2022 - Smithfield Europe, a subsidiary of U.S.-based Smithfield Foods, has reached an agreement to acquire Goodies Meat Production SRL, a Romanian producer of private-label packaged meat products for the retail channel.
• October 2022 - Farmland® proudly announced the recipients of its Farmland FFA Heartland Grant Program at the 95th National FFA Convention & Expo in Indianapolis, Indiana. After receiving applications, 20 FFA students across Nebraska, Kansas, Iowa, and Missouri were carefully selected to receive grants valued at $1,000 each to fund agricultural and community projects. The donation provides $20,000 in financial support to empower students' goals and inspire growth in the agriculture industry.
• October 2022 - Farmland® recently launched year two of its Honoring the Heartland Tour to invest in the next generation of agricultural leaders, show appreciation to hardworking farming communities, and support neighborhoods rooted in the Midwest through protein-rich food donations. Earlier today, the tour stopped in Des Moines to recognize two crucial Iowa organizations.
• August 2022 - Smithfield Foods, Inc. today proudly announced its donation of $30,000 in scholarship funds to support the 2022 National Conservation Foundation (NCF)-Envirothon Competition. The international competition features high school students competing in teams to demonstrate their environmental knowledge and problem-solving skills. Smithfield's donation was awarded to the top three teams during the competition's awards ceremony on Friday, July 29, 2022.